Fitch Ratings Convert US Credit Rating to Negative!

Fitch Ratings Convert US Credit Rating to Negative!

Credit rating agency Fitch Ratings converted the US 'stable' credit rating to 'negative'. In a statement Friday, Fitch Ratings reported that the credit rating of the United States was downgraded to negative. This move reveals how hard the USA has been under the influence of the pandemic. Fitch, who stated in his statement that the deterioration in the public financing of the USA and that there was no credible financial consolidation plan, did not change the country's rating of the USA and left it as "AAA". However, the statement contained the following statements: '' The high financial deficit and debt were already following a medium-term bullish path ahead of the major economic shock caused by the coronavirus. The traditional credit power of the USA has started to wear out. '' The U.S. was one of the worst affected countries by the Coronavirus (Covid-19) pandemic. Unemployment increased in the USA, which had a difficult time, and the country's economy performed worst quarterly in its history. The US economy contracted by 32.9 percent year-on-year in the second quarter of the year due to the effects of closures due to a pandemic. On the other hand, vital measures, such as an additional $ 600 weekly unemployment right, are also less than expired. However, legislators have not taken a remarkable step in making a new incentive package.